Polymarket to Serve as Official Prediction Market of Elon Musk’s X

X has unveiled a real-time tool that dissects market-moving news in partnership with Polymarket, a crypto-native prediction markets platform, the companies said Friday in a joint statement.  

Launched on Friday, the tool will offer live insights into events that influence markets, combining data from X and predictions from Polymarket. In addition, the product will leverage xAI’s chatbot Grok and relevant X posts to provide real-time explanations of market moves. 

Combining those various technology tools will “enable us to provide contextualized, data-driven insights to millions of Polymarket users around the world instantaneously,” Polymarket founder and CEO Shayne Coplan said Friday in a statement. 

Neither X nor Polymarket immediately replied to Decrypt’s follow-up questions about what kinds of events the tool will track. 

The product is the first of several “integrations and unique experiences” to come from X and Polymarket’s agreement, according to the companies’ joint press release. 

The partnership comes amid traditional technology firms’ growing embrace of digital assets payments and the blockchain technology that undergirds them. 

Late last year, Stripe re-introduced cryptocurrency integrations to its platform, while Meta is reportedly revisiting its stablecoin ambitions following its decision to sunset Diem (formerly Libra) in 2022. Meanwhile, Kalshi and Robinhood showed signs of deepening their pushes into digital assets earlier this year. 

It also comes after a record-smashing year for Polymarket. Last fall, amid the U.S. elections season fervor, the prediction market operator recorded daily trading volumes of roughly $85 million. And, on Election Day, Polymarket notched an eye-watering total open interest of $463 million.

Edited by James Rubin